Babylon, an Israel-based developer of translation software and provider of internet search services backed by Anglo-Dutch publisher Reed Elsevier’s corporate venturing unit, plans to raise $115m in its New York Stock Exchange (NTSE) flotation.
Alongside Reed Elsevier Ventures, which owns 18.3%, as owners of more than 5% of Babylon are Chanpak Management (23.9%), an Israeli company controlled by Noam Lanir, chairman and the brother-in-law of Babylon’s chief executive, Phoenix Group (10.5%) and Clal Insurance (7.7%), according to its regulatory filing.
Babylon already trades on the Tel Aviv Stock Exchange and investment bank Citigroup and Jefferies are lead underwriters on the NYSE placement.
The company reports around $17m in net income off about $121m in revenue for the first nine months of the calendar year.